The reinsurance fund managed by Montpelier Re subsidiary Blue Capital Management has managed to secure $21.2 million in its latest share placement.
In November, Blue Capital Global Reinsurance Fund published a prospectus and provided the timetable for the first placing under a new programme.
The net proceeds from the first placing will be invested in “fully collateralised reinsurance-linked contracts and other investments carrying exposures to insured catastrophe event risks in accordance with the company's investment policy”.
It is expected that the majority of the net proceeds will be invested in the January 2015 reinsurance renewals.
In total, 19,487,560 new ordinary shares in the company will be issued at a price of $1.09 per ordinary share.
The new shares will be admitted to trading on the London Stock Exchange’s Specialist Fund Market and on the Bermuda Stock Exchange.
Blue Capital Re, Montpelier Re, Reinsurance, Bermuda, Europe